Bellevue, Wash. – Dec. 3, 2019 – CBRE Capital Markets’ Debt & Structured Finance team has secured $47 million in construction financing for the development of Surrey on Main Flats. Mollie Means and James Bach of CBRE’s Debt & Structured Finance team in Seattle originated the loan through CBRE’s FHA lending platform on behalf of the borrower, Surrey on Main, LLC.
The loan is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 220 new construction mortgage insurance program providing an interest- only construction period of 20 months with a 40-year, non-recourse, fully-amortizing permanent loan.
The property is located in Bellevue, Wash., toward the southern edge of the city’s central business district where Main Street intersects with 108th Avenue SE. The six-story, Class A, mid-rise, mixed-use apartment building will offer 125 residential units over 1,650 sq. ft. of ground-floor commercial space.
The project’s 125 units will consist of a mix of studio, open one-bedroom, traditional one- bedroom, one-bedroom plus den, two-bedroom and three-bedroom units. The apartments will have a below-grade parking garage with 146 parking spaces and 75 storage units. The community amenities will include a rooftop deck, a community lounge with access to an inner courtyard, a fitness center, a dog wash station and bicycles storage with a workshop.
Tejal Pastakia of Pastakia + Associates partnered with the borrower to provide development services for the construction of Surrey on Main Flats. The project was designed to meet LEED efficiency standards by Encore Architects, who have extensive experience in designing mid-rise multifamily projects in Seattle. The project’s general contractor is Pavilion Construction and the property will be managed by Blanton-Turner.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.